Transactional VAT Advice

You may well find that you need someone to provide regular VAT advice and help with your day-to-day transactions. It is worth ensuring that your clients are maximising their VAT position and meeting their compliance obligations in the everyday course of their business transactions.

Some of the many examples we can assist with include:

If clients supply services on an ongoing basis, do they maximise cash flow by only issuing invoices when payment is received, requests for payment being raised to collect payment?

If a business has a turnover of less than £1.35m, cash accounting can be used. This means that VAT on sales is only payable when a payment is received, although VAT on purchases can only be claimed when a payment is made.

Bad Debt Relief – if a client is on invoice accounting does it adjust the VAT on any debts that are more than six months old, irrespective of whether the debt is genuinely bad?

Bad Debt Relief – does the client adjust for VAT creditors over six months old?

If zero rated or exempt supplies are made, does the client regularly check that the liability remains correct – e.g., do they check the conditions to ensure the supply should be VAT free?